31 x Lot Subdivision, Ballarat, VIC.
Project Realisation: $6m+
Sale Process: Private Treaty
CMF Appointment: Project Marketing
IBIS Gardens is a prestige residential land subdivision with a minimum lot size of 4000sqm. To protect the integrity of the estate the blocks were heavily covenanted as to what could be built on the site including minimum house sizes of 360sqm.
CMF was appointed to this project by a financier when sales had stalled under the previous marketing agent.
CMF appointed local agent Blue Ribbon Real estate to act as sales agent on the property and in conjunction with them created a marketing strategy incorporating; an unusual pricing structure (more in the paragraph below); media; internet; signage; along with implementation of targeted auction campaigns to market the “more difficult” blocks.
Unusually we employed a strategy to ramp up the value of the blocks (rather than to decrease the price and cheapen the product). It had the effect of setting Ibis Gardens out from the competition and created that genuine “prestige” aura. The result was that the project took a little longer to sell down however the additional value achieved more than offset the cost of the time to achieve it.
Over the period of 14 months we sold down nearly two blocks per month at prices well in excess of valuation.